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(Medical-NewsWire.com, June 05, 2018 ) The two main functions of wearable technology are to observe numerous bodily markers and to keep the user well advised on health conditions by syncing the relevant information to electronic devices like smartphones. Wearable medical devices feature wireless information transmission, real time feedback, alerting mechanism and have simple and timely sensing skills. The information generated by wearable medical devices is additionally analyzed and is employed by customers for a better health management.
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Europe Wearable Medical Devices Market value was worth USD 1875 million in 2017 and estimated to reach USD 5248 million by 2023 growing at a CAGR of 18.80% from the forecasting period 2017 to 2023. Constant growth of remote patient observance and domestic care are expected to constructively influence the wearable medical devices market in the European region.
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Drivers and Restraints:
Wearable medical devices face challenges in providing economical observance to patients affected by chronic diseases like Cancer and different blood diseases. Focus on technological advancements, and the subsequent development of interconnected and extremely advanced healthcare apps and compatible devices, and the presence of key market players are the other reasons behind the projected growth of the regional market.
Large user base and significant adoption of mobile products have led to market growth for wearable devices in Europe. Recent advancements in the field have led to compactness, multi-functionality, and easy use of wearable devices. Increasing demand for technologically advanced wearable medical devices, rising awareness concerning fitness, advent of modern smartphone connected healthcare applications and growing demand for wireless linkage within the healthcare trade are the key factors fueling the regional business.
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Geographical Segmentation:
On the basis of geography, the Europe market is analyzed under various regions namely, Spain, Germany, UK, France, Italy. European market holds the second largest market share in the global market for wearable medical devices. The significant share of this geographical area is attributed to the presence of developed healthcare infrastructure within the countries of the region.
Some of the major companies dominating the market, by their products and services include Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories and Nuubo.
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